KARACHI: Pakistan’s liquid foreign exchange reserves rose significantly, surpassing the $16 billion mark for the first time in over two years. This upward trend signals a positive shift in the country’s financial stability and economic outlook.

According to a weekly report released by the State Bank of Pakistan (SBP) on Thursday, the country’s total liquid foreign reserves increased by $64 million, reaching $16.047 billion as of October 4, 2024, up from $15.98 billion on September 27, 2024. This marks the highest level of reserves since June 2022.

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During the same week, the SBP’s reserves rose by $106 million, reaching $10.808 billion, compared to $10.702 billion the previous week. This is the highest level of SBP reserves since April 6, 2022.

Conversely, net foreign reserves held by commercial banks declined by $42 million, totaling $5.239 billion at the end of last week. Currently, Pakistan’s foreign exchange reserves are sufficient to cover approximately two months of imports.

Copyright Business Recorder, 2024